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Institution reviews Anthropic's prospectus, focusing on growth and computing power costs

After Anthropic publicly submitted its prospectus the previous evening, investment institutions and market participants began to assess its growth quality, cost structure, and potential valuation. Morningstar senior equity analyst Malik Ahmed Khan and PitchBook analyst Rolfes stated that as of September 30, Anthropic had over 11,900 enterprise customers contributing at least $100,000 in revenue over the last 12 months, compared to about 950 in the same period last year. Khan believes this reflects a faster adoption of Claude in the enterprise market and significant revenue growth.Analysts also pointed out that the rapid increase in customer numbers alone is insufficient to indicate long-term revenue stability. The prospectus lacks detailed data on customer retention, and the disclosed net revenue retention rate is also affected by a small base; as the comparison base expands, this metric may decline. Investment in computing power is another focus. Morningstar believes that Anthropic currently demonstrates a certain level of computing efficiency and operational efficiency, but some computing resources and related expenditures have not yet been fully reflected; as more computing power is utilized, costs may rise, and if revenue growth does not keep pace, profit margins will be under pressure.PitchBook analyst Rolfes reminded that the scale of future computing contracts and infrastructure commitments is enormous, and whether revenue growth can be sustained is an important variable in assessing profitability prospects. Gavin Baker, managing partner and chief investment officer of Atreides Management, stated that it is still possible for Anthropic to reach an annualized recurring revenue of $100 billion by the end of the year; this statement reflects his personal judgment and is not the company's published performance guidance. Nigel Green, CEO of independent financial advisory firm deVere Group, questioned the market's rumored potential valuation of $2 trillion, calling this expectation "absurd," and reminded to pay attention to infrastructure investments, slowing growth, and future financing needs. The $2 trillion figure remains a market rumor, and the prospectus has yet to determine the offering price and scale.

first_img Coinbase Co-CEO: The second wave of institutional funds for Bitcoin has arrived

Coinbase Institutional Co-CEO Brett Tejpaul stated in an interview that the "second wave" of institutional funds for Bitcoin has arrived. He revealed that the seven largest banks in the world are currently operating on Coinbase's infrastructure and are experiencing their own "Kodak moment," as these banks begin to move funds from traditional accounts to on-chain settlements.Tejpaul indicated that the core driver of institutional adoption has shifted from Bitcoin ETFs to stablecoin payments. Funds can now be transferred from Citibank accounts to USDC, cross-chain in a second, and then enter corporate accounts on the other side. He disclosed that the scale of stablecoin settlements has reached $400 million per hour, but relative to the overall payment market, it is still just "a speck of dust," with payment service providers adopting it on a large scale ahead of banks. Additionally, Coinbase is connecting U.S. funds to Deribit, which holds 85% of the options market share.When discussing Bitcoin, Tejpaul believes the macro environment is good, but the price performance is disappointing, and institutions currently view it as a tech-related trade. He also mentioned that stablecoins and agency-style commerce have arrived almost simultaneously, and Coinbase is advancing a transformation from "Amazon to AWS" to activate infrastructure across the United States, disclosing that it holds about 90% of the market share in Bitcoin ETF custody.

first_img Blockstream executive Peter Bain: Institutional clients are optimistic about the Bitcoin bull market

Blockstream Chief Marketing Officer Peter Bain stated in a recent interview that Bitcoin has maintained the $81,000 mark amid stock market sell-offs, rising 10-year U.S. Treasury yields, and turmoil in Europe, which he described as "a very, very strong signal." He made this statement during a conversation with Grace Remington and Sean Hagan.Bain emphasized that technological development precedes price and discussed topics such as adoption, stablecoins, and tokenized stocks. He introduced Blockstream's new center established in Lugano and a new consulting department aimed at institutional clients, while explaining why treasury companies are mainly concentrated in the United States and why Switzerland will become the next market—Switzerland's clear regulatory framework and strong banking foundation make it an ideal launch market.Regarding quantum computing, Bain believes that the related threats will take decades to materialize, and that Bitcoin's real weaknesses lie elsewhere. He referenced the PHP vulnerability incident, stating that the industry needs to rethink the way software is released, and introduced Blockstream's research on quantum-resistant signature solutions, how consensus can be reached for quantum upgrades, and the Bitcoin Security Alliance. Additionally, he provided the first update on the Liquid Network event progress: the exchange service has been restored, the network is back online, and users can transfer Bitcoin back to the main chain. Looking ahead to 2027, Bain stated that institutional clients believe Bitcoin "is expected to usher in a major bull market."

Gate Q3 institutional business growth accelerated: CrossEx's assets surged by 902%, with trading volume and the number of trading users increasing by 63% and 315% respectively

According to the "Q3 2026 Report" released by Gate, the platform's institutional business continues to grow, with cross-market trading, asset custody, and professional fund services further expanding.Among them, CrossEx has seen significant improvements in several core indicators, with quarterly trading volume increasing by 63% month-on-month, asset custody increasing by 902% month-on-month, the number of trading users growing by approximately 315% compared to Q2, and the number of fund users increasing by 95%.In terms of products and infrastructure, CrossEx has added mainstream exchanges, Lighter contracts, real stocks, and ETF trading scenarios, and launched features such as RPI Orders and arbitrage opportunity displays. CrossEx Colo services have officially launched, with order placement concurrency and multiple transaction reporting delays optimized by about 50%, and the highest fees for certain trading scenarios reduced by 50%. During the same period, Gate's institutional cumulative borrowing volume increased by 412.02% month-on-month.In addition, the Gate SuperLink ecosystem has added two banking partners, ABN AMRO and Pave Bank, and deepened cooperation with custodians such as Copper and BitGo. OES clients can now access CrossEx, participating in trading across multiple exchanges through a unified margin pool under an isolated custody model, further expanding institutional clients' cross-market asset allocation and trading options.

first_img Blockstream launched institutional consulting services and established an office in Lugano, Switzerland

Bitcoin infrastructure company Blockstream announced the launch of consulting services for financial institutions and established an office in Lugano, Switzerland. This business enables banks, asset management institutions, and others to directly connect with Blockstream's engineering team and Bitcoin infrastructure. Blockstream Consulting Services will assist institutions in assessing, designing, and implementing Bitcoin-based financial infrastructure, as well as developing related solutions such as tokenized asset issuance and confidential settlements, covering areas such as technology strategy, system architecture, integration, and implementation.Blockstream stated that the Lugano office will serve Swiss clients, including those in Zurich, Geneva, and Zug, and will act as its European business hub, supporting client relationships, strategic partnerships, and collaboration with local financial and technology communities. The company's Chief Marketing Officer Peter Bain stated that Switzerland has a long-standing banking tradition and a regulatory framework supporting digital assets, making it an important market for Blockstream; the company aims to provide local expertise in markets where it sees demand for Bitcoin infrastructure, and the consulting business along with the Lugano office will bring customized Bitcoin solutions to European financial institutions.Founded in 2014, Blockstream's business covers Bitcoin custody, settlement, payments, asset issuance, and self-custody, with products including the sidechain Liquid Network, Elements, Simplicity, Core Lightning, Jade hardware wallet, and Blockstream App. The company has launched Simplicity smart contracts on the Liquid network and added Lightning Network support for the Jade hardware wallet. Co-founder and CEO Adam Back stated that the next phase of Bitcoin adoption is to integrate into the existing financial system, and the company's experience in Bitcoin cryptography, protocol development, and engineering can address the related complexities. This announcement did not disclose the pricing of the consulting services, the size of the Lugano office's staff, or the names of clients.

first_img CryptoQuant CEO: The recovery of Bitcoin's hash rate is an indirect bullish signal for institutions

According to a post by Ki Young Ju, founder and CEO of CryptoQuant, on the X platform, the continuous recovery of Bitcoin's hash rate is an "indirect bullish signal" from institutional investors. He pointed out that a higher hash rate means stronger security and better value storage fundamentals, and most publicly listed mining companies are supported by traditional financial institutions (TradFi). Therefore, the rise in hash rate can be seen as institutional recognition of Bitcoin's security and long-term value. Hash rate is an indicator of the computational power of a blockchain network, representing the number of hash calculations that can be completed per second.CryptoQuant data shows that Bitcoin's hash rate has rebounded by about 45% from its summer low, rising from approximately 726 EH/s in July to about 1,050 EH/s on Wednesday. However, the global hash rate is still below the peak of 1,305 EH/s set in October 2025, when Bitcoin's price was above $111,000. On Thursday, when the U.S. stock market opened, Bitcoin's price was approximately $81,843.Publicly listed mining companies are still expanding their production capacity. Nasdaq-listed NIP Group (NIPG) announced a third batch of asset purchase agreements, which will acquire approximately 4.47 EH/s of deployed Bitcoin mining machines. After the transaction is completed, the total hash rate from the three batches is expected to reach 13.85 EH/s. The company currently ranks 16th among publicly listed mining companies with an operational hash rate of 3.11 EH/s, while Bitdeer leads with 79.9 EH/s. On Wednesday, NIPG's stock price fell 6.8% to $6.1, down 86% over the past year; affected by higher-than-expected inflation data, U.S. stocks experienced the most severe sell-off since July, with TeraWulf, Core Scientific, Cipher Mining, and IREN all seeing stock prices drop by about 12%.
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